Sept. 28, 2021 – Stinnett & Associates, a professional advisory firm specializing in risk management solutions and DIGATEX, experts in digital assets, today announced a partnership to enhance digital transformation programs across supply chains for clients.
“Digital innovation is no longer a choice. It’s a necessary disruption that should be confronted deliberately to drive business success. An unavoidable aspect of that disruption is the need to transform distributed sources of unstructured technical data into accessible, intelligent data,” said Stinnett Supply Chain Lead and Senior Manager Corey Vickers. “We are excited to partner with DIGATEX, whose AI-enabled platform helps companies to pull inventory data forward and present that within their company or externally to other companies across the ecosystem. AI makes it possible to use human-like algorithms for processing to cross-reference inventory nomenclature without the data cleansing heavy-lift to create a unified data taxonomy.”
Inventory visibility is a critical and fundamental need for any business to ensure sustained operations while minimizing cash tied up in unproductive assets. Gaining access to new inventory has never been easier thanks in large part to the Amazon Effect. However, many companies are still challenged with internal visibility of procured inventory due to the disparate, unintegrated systems or multiple spreadsheets and home-grown databases used to keep track of inventory. Losing track of inventory has many negative implications:
- Operational down-time of facilities even if the proper materials and parts are on-hand.
- Duplicate inventory to provide a safety buffer which ties up cash.
- Surplus inventory that becomes obsolete over time and is thus wasted or sold for scrap.
Nowhere are these deficiencies more evident than in heavy industries such as Energy, Natural Resources, and Construction where billions of dollars are tied up in inventory that can’t be seen. Fortunately, there is motivation to evolve these industries considering massive financial pressures and the ongoing, increasing focus on better management of our environment. These heavy industry companies are following the examples set by more agile industries to adopt new technical architectures and sharing economy practices – exactly aligning to the model of DIGATEX’s inventory ecosystem platform.
Richard Beck, Operations Director at DIGATEX added, “DIGATEX’s Inventory Hub, a cloud collaboration platform, reads unstructured data from ERP systems and digitally transforms it, making it easy and intuitive to find and share parts information. It connects multiple inventory sources enabling virtual inventory pools that can be shared without limit, opening up business transformation opportunities in supply chain management. This partnership with Stinnett combines DIGATEX’s technology and Stinnett’s business expertise to drive supply chain collaboration, in turn driving down costs of doing business and the waste of capital and energy tied up in production and storage of excess inventory.”
Stinnett’s expertise includes providing system deployment and inventory consulting advisory services associated with inventory processes, controls, policies and procedures, and mechanisms for reducing on-hand inventory. Partnering Stinnett with DIGATEX brings a holistic, robust solution to the market which will drive tremendous benefits for customers.
Stinnett & Associates is not a CPA firm.